By Jennifer Chiou
New York, Feb. 28 - Lehman Brothers Holdings Inc. priced $15.83 million of CMS spread range accrual notes due Feb. 28, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will bear interest at 8.8% per year multiplied by the proportion of days on which the spread of the 30-year Constant Maturity Swap (CMS) rate over the two-year CMS rate is at least 0%.
Interest will be payable quarterly.
The notes are callable at par on any interest payment date beginning Feb. 28, 2009.
UBS Financial Services Inc. and Lehman Brothers Inc. are the underwriters.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | CMS spread range accrual notes
|
| Amount: | $15,827,000
|
| Maturity: | Feb. 28, 2023
|
| Coupon: | 8.8% multiplied by the proportion of days on which the spread of the 30-year CMS rate over two-year CMS rate is at least 0%; payable quarterly with a floor of 0%
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on interest payment dates beginning Feb. 28, 2009
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 29
|
| Underwriters: | UBS Financial Services Inc., Lehman Brothers Inc.
|
| Fees: | 2%
|
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